STEEM coin is a cryptocurrency that operates on the Steem blockchain, which is a decentralized social media platform. It allows users to earn rewards for creating and curating content on the platform.

Recently, there have been suspicions of fraud surrounding STEEM coin due to a number of reasons. One of the main concerns is the manipulation of the reward system on the Steem platform. There have been reports of users creating fake accounts or using bots to upvote their own content, leading to unfair distribution of rewards.

Another issue is the concentration of STEEM coins in the hands of a few large stakeholders. This has raised concerns about the centralization of power within the Steem ecosystem, as these stakeholders have the ability to influence decision-making processes on the platform.

Additionally, there have been accusations of insider trading and market manipulation involving STEEM coin. Some users have claimed that certain individuals or groups have been able to manipulate the price of STEEM through coordinated buying and selling activities.

These suspicions of fraud have caused a loss of trust in the STEEM coin and the Steem platform as a whole. Many users are now hesitant to invest in or participate in the platform due to concerns about the integrity of the system.

It is important for the Steem community and developers to address these suspicions of fraud and take steps to improve transparency and fairness on the platform. By implementing measures to prevent manipulation and ensure a more equitable distribution of rewards, they can help restore confidence in STEEM coin and the Steem blockchain.